Nordex order intake surprised ’some of the most bullish assumptions’: Jefferies
Investing.com — Nordex reported a record-breaking second-quarter order intake, significantly surpassing market expectations and reaffirming strong demand momentum in the wind turbine sector, according to Jefferies analysts.
In its Q2 update, Nordex (ETR:NDXG) reported 2,310 MW of new orders, roughly 15% ahead of consensus and up 82% year over year.
The average selling price (ASP) remained stable at €0.97 million per MW, marking a 1% increase from the same quarter last year. Jefferies said in a note to clients that the numbers imply the total order intake for the quarter came in at €2.241 billion, well above the €1.821 billion consensus forecast.
The firm called the results “another strong order intake” and said the performance “hit another record level for the quarter,” adding that it “surprised even some of the most bullish assumptions.”
The firm stated that the update boosts confidence that Nordex can deliver “another record year of order intake.”
According to Jefferies, this momentum aligns with management’s previously stated goal to exceed 2024’s record of 8.3 GW in orders.
That trajectory is said to set the company up well to achieve its medium-term EBITDA margin target of 8% in 2026, the analysts noted.
Furthermore, the firm noted that there were a total of 350 wind turbines for projects across nine countries, with Germany, Turkey, and Latvia cited as the strongest individual markets in the quarter.
Jefferies expects the positive order trend to continue through the remainder of 2025, supported by commentary from Nordex’s CEO.
The firm added that the sustained growth and pricing discipline shown in the latest results “illustrate the continued pricing discipline in the industry” and reinforced its expectation that Nordex shares will outperform.
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